Pay Dispute Shines Light on Lending Tactics

The 15 ex-employees who’ve provided sworn statements struggled to obtain Quicken mostly during 2004-2007, in the height associated with home loan boom.

A Minneapolis law practice has filed four overtime-related legal actions involving a huge selection of ex-employees. 1st one set to attend test involves workers whom worked for Quicken when you look at the period that is earliest included in the situations. The plaintiffs’ attorneys won’t begin evidence that is putting the record within the cases involving more modern workers before the older situation gets its time in court.

A spokeswoman stated Quicken’s loan consultants enjoy “a guaranteed in full salary and a nice payment plan. ” She stated the ongoing business relied on guidance through the U.S. Department of work in determining they don’t be eligible for overtime pay. The company has said, they are salaried and commissioned workers who are exempt from overtime laws because the employees provide expert financial advice to borrowers in much the same way that stock brokers advise investors.

The ex-employees’ attorneys have argued that the company’s loan consultants aren’t trained to provide advice, but rather to manipulate and mislead to undercut this line of reasoning.

In court documents, some previous workers state Quicken targeted vulnerable borrowers for discounts which they didn’t want or need. Read the rest of this entry